Citigroup

U.S. equity index futures pointed to early gains and fresh record highs, following Asian markets higher, as European shares were mixed and oil was little changed, although it is unclear if anyone noticed with bitcoin stealing the spotlight, after futures of the cryptocurrency began trading on Cboe Global Markets.

It's not just the ECB that is on the hook for massive losses in Steinhoff bonds: according to the company's filings, total exposure for banks was almost 18 billion euros ($21 billion), and this excludes further billions in off-balance sheet exposure.

Despite all the risk/margin worries, and volatility fearmongering, and fraud allegations, Bloomberg reports that, according to a person familiar, Goldman Sachs plans to clear bitcoin futures contracts when they go live next week.

For the first time in history, the price of Bitcoin has surpassed $13,000 (rising from $12,000 in less than a day). This pushes Bitcoin's market cap to around $220 billion (above that of Citigroup) as the market cap of the entire cryptocurrency space is now bigger than JPMorgan.

"The top decile of macro and relative-value hedge funds has been leveraged about 15 times in recent quarters. Combined, these funds account for more than $800 billion in gross assets, about one-sixth of all hedge fund assets."

While many in the 'resistance' have vociferously denounced the Senate tax reform bill in the last 48 hours, former Treasury Secretary Larry Summers took the proverbial biscuit by warning that "thousands will die as a consequence of this new tax bill."

"This time IS different" only from the standpoint that the variables are not exactly the same as they have been previously. Of course, they never are, and the result will be “…the same as it ever was.”

Bitcoin's market cap is now the same as HSBC at $196 billion, and greater than that of Coca Cola, Cisco, Toyota, Comcast, Pepsi, Bank of China, Boeing as it is fast approaching Citigroup at $200 billion.

Following the backing of Sen. John McCain on the GOP tax reform bill, markets have surged to new all time highs with Bloomberg reporting that odds for the tax bill's passage may increase to "near-certainty" if the Senate can finish its version in the days ahead, citing Evercore ISI. Here is a summary of some notable opinions on the state of tax reform.